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Enterprise

Official inquiry launched into Asda's £600m deal to buy the Co-op's petrol stations

Asda is owned by the Lancashire-based billionaire Issa brothers and private equity firm TDR Capital

The £600m deal was completed in October 2022

An official inquiry has been launched into Asda's completed £600m deal to buy the Co-op's petrol station business.

The Competition and Markets Authority (CMA) is now inviting comments on the transaction until the end of the month. A decision on the first phase of the inquiry is expected by March 14.

The watchdog first signalled it was looking into the deal in October 2022.

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The deal was completed towards the end of last year and saw 2,300 workers move over to the supermarket giant.

Asda is owned by the Lancashire-based billionaire Issa brothers and private equity firm TDR Capital.

In August 2022, the Co-op first revealed plans to sell its 132 petrol stations and attached convenience stores in a bid to bolster its finances.

The Co-op said proceeds from the sale will be reinvested into its core convenience shops, pricing, stores operations and reducing its debt burden.